200 subsidiaries – one set of consolidated financial statements
Success story Rocket Internet SE
For its first set of consolidated financial statements, Rocket Internet consolidated around 200 companies. What would have been impossible with Excel worked reliably with LucaNet.
We used LucaNet to prepare Rocket Internet's first ever consolidated financial statements – and we’re really very happy with the results.
How Rocket Internet uses LucaNet software:
- Consolidated financial statements
- Mapping of hundreds of subsidiaries
- Consolidation in accordance with German GAAP (HGB) and IFRS
Establishing a group accounting process
When enterprises grow strongly, this has a particularly heavy impact on the finance department. That was also the case at Rocket Internet. Financial processes needed to be restructured and developed further; a completely new group accounting department was established, and financial software had to be found that would guide the group through the consolidation process in a way that was reliable and straightforward.
Hundreds of companies under one roof
The finance team at Rocket Internet chose LucaNet for its first set of consolidated financial statements and is really happy with its decision to opt for LucaNet: "We have hundreds of companies spread across several sub-groups to consolidate. You can't do this in Excel without getting any errors. LucaNet makes it possible for you to prepare consolidated financial statements reliably in accordance with different accounting standards. Whatever you choose, your consolidated profit and loss statement, consolidated balance sheet, consolidated cash flow statement, and disclosures are presented transparently. A particularly important aspect for us is the reliable presentation of an unlimited number of companies, as there are often changes to our portfolio of investments.”
Rocket Internet saves on time and costs
Many investments, subgroups, consolidating in accordance with the German Commercial Code (HGB) and IFRS – the first set of consolidated financial statements was hardly a walk in the park. But in the end it was successful and a solid foundation for the future partnership between LucaNet and Rocket Internet. Paul Stander, Head of Group Accounting – National, explains: "As Rocket Internet has a highly complex, constantly evolving group structure, we need software that can give us very flexible support for our consolidated accounting requirements. With its many different functions, LucaNet is the ideal solution for us. This is especially true when it comes to consolidation within a group with numerous companies in other countries. The implementation went without a hitch, giving us a significant advantage in terms of time and costs. The staff at LucaNet are also genuine specialists in their fields, meaning we also benefit from their expert advice.”
How LucaNet software benefits Rocket Internet:
- Flexibility in the consolidation process
- Reliable numbers
- Transparency despite many investments